NIU drops Q1 2022 sales figures with modest growth dampened by COVID-19

Leading smart electric scooter company NIU has released its Q1 2022 sales volume figures, which demonstrate a large increase in international sales volume yet only a modest bump in domestic sales.

Beijing-based NIU, which produces many of the most popular smart electric scooters and mopeds used in China and internationally, recently saw the effect of COVID-19 protection measures on its local sales volume figures.

Overall, the company’s total sales volume increased to 163,659 units in the first quarter of 2022, marking a 9.4% increase in year-over-year growth.

But much of that growth came from the international market, where NIU’s electric kickscooters helped bolster its electric moped sales. Internationally, NIU sold 14,672 units for an impressive 193.7% year-over-year growth.

However, domestic sales in China grew by just 3.0% year-over-year.

January and February were both strong months for NIU in the Chinese market, where the company saw 91.6% growth year-over-year. However, supply chain shortages combined with manufacturing shutdowns related to government-imposed COVID-19 lockdowns resulted in a 24.1% decrease year-over-year in March sales.

1 NIU drops Q1 2022 sales figures with modest growth dampened by COVID-19

NIU barely managed to hang onto positive growth figures in its domestic market for the quarter, but explained that several factors resulted in the lower than typical growth numbers:

The supply chain shortage and logistic disruption caused by the recent COVID outbreaks, especially in Yangtze River Delta area, has impacted our sales volume in March 2022, which decreased by 24.1% year-over-year. In addition, we temporarily suspended production activity in our manufacturing facilities in Changzhou for six days in March 2022 as part of the COVID control measures, and our manufacturing facilities have since been operating much below full capacity. Despite the impact of COVID outbreaks, we recorded positive year-over-year growth of units sold in China market in the first quarter.

NIU has several interesting products on the horizon though, which could further boost international sales. Its higher power NIU MQi GT EVO electric scooter, which reaches over 100 km/h (62 mph), has now landed in Europe and is headed for North American dealers in the next few weeks.

The company’s long-anticipated RQi electric motorcycle is also expected to make its debut this year, offering a lightweight e-moto option in Europe and North America that could compete with several interesting upcoming models.

NIU also has an exciting new electric bicycle model on the way to US and European dealers that could shake up the e-bike industry across much of the West.

Electrek recently had the chance to check out all three of those upcoming electric two-wheelers in person at the EICMA Milan Motorcycle Show this past winter. You can see the new e-scooter, e-bike, and e-moto along with several of NIU’s other popular models in the video below.

Electrek’s Take

NIU has done a pretty good job of demonstrating significant YoY growth with every financial report, and I was starting to wonder how long the company could keep up those impressive figures.

While local sales in China still grew slightly, the modest bump seems justifiable considering the market conditions related to COVID-19 protection measures recently taken across the country.

I’m impressed with NIU’s continued overseas growth, which will be particularly important as the company continues its expansion in the face of competition from cheaper brands eyeing a growing export market.

I’ve been quite happy on my own NIU NQi GT Extended Range electric scooter for nearly two years now (seen below), but the prospect of an upcoming MQi GT EVO and its higher 62 mph (100 km/h) speed is pretty darn enticing to commuters like me who rely on their electric scooters for the majority of their transportation.

2 NIU drops Q1 2022 sales figures with modest growth dampened by COVID-19

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